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How to determine the marginal revenue product of labor for workers in the organization, given the wage rate. For each additional labor input added, how much additional revenue is gotten. How many workers should be employed?
Number of Workers
Total Revenue
Marginal Labor Cost
Marginal Revenue Product of Labor
0
$-
$176.00
1
$1,000.00
2
$1,450.00
$450.00
3
$1,750.00
$300.00
4
$1,950.00
$200.00
5
$2,050.00
$100.00
6
$2,100.00
$50.00
7
$2,110.00
$10.00
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